XRPUSD Medium-term Trend: Sideways
Supply Levels: $1.08, $1.06, $1.04
Demand levels: $0.96, $0.98, $1.00
Yesterday and today XRPUSD has been trading in a sideways market. It closed at a price of $1.11 but it is still trading at $1.02 today. The sideways market is not tradable because they are not ranging markets. A ranging market is where price rises to the resistance and fall to the support level at a good distance apart. The weekly chart is showing price on a horizontal line.
However, the 50-day moving average and 20-day moving average are trending horizontally after the candlesticks whereas the RSI period 14 is level 12 indicating that the market is oversold; suggesting that bulls may take control of the market.
XRPUSD Short-term Trend: Sideways
The short term trend of ripple has been in a sideways movement since yesterday and today. The short term market is not tradable because it is not a ranging market. As I said price has to oscillates between the resistance and support levesl and a good distance must be created for price to move in between them. The RSI period 14 is level 38 indicating that the market is oversold; suggesting that bulls may take control of the market.
